Allowances and Chores
||Learn the best way to set your child's allowance and whether you should reward your child for helping out with household chores.
Appropriate age groups:
K-5 and up.
Description of technique for teaching kids the value of money:
Good financial records keep you in good financial health. Start teaching your
kids the importance of keeping good financial records by creating a financial
Any blank journal will work but if you can find a general ledger type journal
(with columns that specifically accommodate dollars and cents), that's a plus.
For individual pages use the following column heads:
Date -- Item -- Amount -- Spend -- Save -- Share
3/1/00 -- Weekly Allowance -- $5.00 -- $2.00 -- $2.00 -- $1.00
Use one line for each transaction. The Spend, Save and Share columns should have
corresponding piggy banks in order to separate monies easily and to promote
understanding. The Spend column/bank is money for them to spend as they like.
The Save column/bank is savings that can not be touched (used only for big
ticket items or long-term plans such as college). The Share column/bank is money
to give away to those less fortunate (through your church or local charities).
Sit down with your child at least once a month to review and initial each entry
in their journal. Use this time to discuss the good and bad choices that were
made with regard to their money.